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By: West S.B. No. 1002
(In the Senate - Filed March 7, 2003; March 13, 2003, read
first time and referred to Committee on Intergovernmental
Relations; April 29, 2003, reported favorably, as amended, by the
following vote: Yeas 4, Nays 1; April 29, 2003, sent to printer.)
COMMITTEE AMENDMENT NO. 1 By: Gallegos
Amend S.B. No. 1002 by striking ", regardless of whether the
developments serve families, elderly individuals, or another type
of household" from SECTION 1, Section 2306.6703, Government Code,
page 1, lines 44 and 45.
A BILL TO BE ENTITLED
AN ACT
relating to the low income housing tax credit program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.6703, Government Code, is amended
to read as follows:
Sec. 2306.6703. INELIGIBILITY FOR CONSIDERATION. (a) An
application is ineligible for consideration under the low income
housing tax credit program if:
(1) at the time of application or at any time during
the two-year period preceding the date the application round
begins, the applicant or a related party is or has been:
(A) a member of the board; or
(B) the director, a deputy director, the director
of housing programs, the director of compliance, the director of
underwriting, or the low income housing tax credit program manager
employed by the department; [or]
(2) the applicant proposes to replace in less than 15
years any private activity bond financing of the development
described by the application, unless:
(A) the applicant proposes to maintain for a
period of 30 years or more 100 percent of the development units
supported by [low income] housing tax credits as rent-restricted
and exclusively for occupancy by individuals and families earning
not more than 50 percent of the area median income, adjusted for
family size; and
(B) at least one-third of all the units in the
development are public housing units or Section 8 project-based
units; or
(3) the applicant proposes to construct a new
development that is located one linear mile or less from a
development that:
(A) serves the same type of household as the new
development, regardless of whether the developments serve
families, elderly individuals, or another type of household;
(B) has received an allocation of housing tax
credits for new construction at any time during the three-year
period preceding the date the application round begins; and
(C) has not been withdrawn or terminated from the
low income housing tax credit program.
(b) Subsection (a)(3) does not apply to a development:
(1) that is using:
(A) federal HOPE VI funds received through the
United States Department of Housing and Urban Development; or
(B) locally approved funds received from a public
improvement district or a tax increment financing district; or
(2) that is located outside of a metropolitan
statistical area.
SECTION 2. Section 2306.6711, Government Code, is amended
by adding Subsection (f) to read as follows:
(f) The board may allocate housing tax credits to more than
one development in a single community, as defined by department
rule, in the same calendar year only if the developments are or will
be located more than one linear mile apart.
SECTION 3. Subsection (b), Section 2306.6725, Government
Code, is amended to read as follows:
(b) The department shall provide appropriate incentives as
determined through the qualified allocation plan to reward
applicants who agree to:
(1) equip the property that is the basis of the
application with energy saving devices that meet the standards
established by the state energy conservation office or to provide
to a qualified nonprofit organization or tenant organization a
right of first refusal to purchase the property at the minimum price
provided in, and in accordance with the requirements of, Section
42(i)(7), Internal Revenue Code of 1986 (26 U.S.C. Section
42(i)(7)); and
(2) locate the development in a census tract in which
there are no other existing developments supported by housing tax
credits.
SECTION 4. The change in law made by this Act applies only
to a development for which an application for a low income housing
tax credit is submitted on or after the effective date of this Act.
A development for which an application for a low income housing tax
credit was submitted before the effective date of this Act is
governed by the law in effect on the date the application was
submitted, and the former law is continued in effect for that
purpose.
SECTION 5. This Act takes effect September 1, 2003.
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